Domestic Aluminum Ingot Destocking Stalls Over the Weekend: Is the Turning Point Uncertain? [SMM Analysis]

Published: Mar 17, 2025 23:59

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Entering mid-March, as the traditional peak season effect of "Golden March and Silver April" gradually unfolds, the supply-demand pattern of spot aluminum in the aluminum industry chain continues to improve. Upstream production site inventory had already accelerated destocking in the earlier period, and recently, in-transit cargo volumes have contracted MoM. Coupled with the continued strong trend in weekly outflows from warehouses of aluminum ingots and aluminum billets, the domestic supply and demand pressure for spot aluminum has eased, inventory levels have significantly improved, and there were initial signs of destocking in domestic aluminum inventory mid-week last week. Recently, aluminum prices have also been attempting to break through the 21,000 mark. According to data from Shanghai Metals Market (SMM)...

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